 Not for Ostriches Developing New Actuarial Products and Services Sally Bridgeland, Hewitt Bacon & Woodrow 1 December 2003 Moat House, Glasgow

Not for Ostriches …  What would you do if you were laid off tomorrow?  What do filmmaking and pension funding have in common?  Where would you rather be using your skills? … but for hedgehogs?

Open your Minds  Put your hand up if you believe you will be doing the same job in:  Twenty years’ time  Ten years’ time  Five years’ time  Two years’ time  One year’s time

RED GREEN BLUE PINK Open your Minds

HARE TORTOISE OSTRICH HEDGEHOG Open your Minds

RED GREEN BLUE PINK Open your Minds

A True Story  One upon a time …when I was 30  From Scheme Actuary … to a job that didn’t exist  Happily ever after … until next year … and always an actuary

The Hedgehog Concept  What are actuaries deeply passionate about?  What can actuaries be best in the world at?  What drives actuaries’ economic engines?

Over to you  On your own  Your hedgehog  In groups  The actuarial profession’s hedgehog  Report back

Some Rules for Brainstorming  Be lateral  Be more lateral  Don’t stop to judge or criticise your ideas  Build on other people’s ideas  Write everything down … be inspired

“The future, according to some scientists, will be exactly like the past, only far more expensive” John Sladek Making Financial Sense of the Future

“The future is not set. There is no fate but what we make ourselves” John Conner Making Financial Sense of the Future

“The future belongs to those who prepare for it today” Malcolm X ( ) Making Financial Sense of the Future

“We cannot always build the future for our youth, but we can build our youth for the future” Franklin D. Roosevelt ( ) Making Financial Sense of the Future

“The future belongs to those who dare” Unknown Making Financial Sense of the Future

“Those who stare at the past have their backs turned to the future” Unknown Making Financial Sense of the Future

“The future is much like the present, only longer” Don Quisenberry Making Financial Sense of the Future

“The best way to predict the future is to invent it” Alan Kay Making Financial Sense of the Future

What are you deeply passionate about? What can you be best in the world at? What drives your economic engine? Hunt your own Personal Hedgehog

What are actuaries deeply passionate about? What can actuaries be best in the world at? What drives actuaries’ economic engines? Hunt the Actuarial Hedgehog

Film-Making?  More passionate than pensions  Lots of data  Lots of uncertainty  Big budgets

The End  For more about hedgehogs read Chapter 5 of “Good to Great” by Jim Collins  Thanks to Hewitt Bacon & Woodrow